Taronis Fuels Inc (OTCMKTS: TRNF) is surging upwards after the Company reported record revenues of $8.9 million for the second quarter of 2020 up 51.8% or $3 million from the same period last year. Taronis recorded a $1.2 million net income for the second quarter 2020 reporting the first profitable quarter in the Company’s corporate history with a bang.
The significant increase in sales was in part due to the sale of a 300KW Venturi plasma arc gasification unit for $3 million as well as approximately $1.4 million in wholesale industrial gas products sold into the HVAC market through the Company’s wholly owned subsidiary, TGS which they acquired in May.
Taronis Fuels Inc (OTCMKTS: TRNF) is a renewable fuel and power generation company. Its primary business objective is the production of sustainable, socially responsible alternatives to existing fossil fuel and industrial gas products. The Companies first commercially viable product is a metal cutting fuel called “MagneGas”. MagneGas is a proprietary synthetic gas comprised primarily of hydrogen that is produced by the Company from its patented Venturi® Flow Submerged Plasma Arc Gasification Units. The Gasification Units are patent protected, and the technology has been licensed to the Company through an exclusive worldwide license. MagneGas is comprised primarily of hydrogen and created through a patented protected process, which we license under an exclusive worldwide license. On December 5, 2019, Taronis Fuels became an independent, public company when it was spun-off from Taronis Technologies, Inc., its former parent. Taronis Fuels’ common stock trades on the OTCQB under the ticker “TRNF”.
Microcapdaily reported on the Taronis shortly after it first started trading in February reporting at the time: “Taronis Fuels Inc (OTCMKTS: TRNF) hit the OTCBB on Thursday after being spun off from Taronis Technologies, Inc., (NASDAQ: TRNX) a NASDAQ Company currently trading at around $0.30. TRNF started trading at a dime on Thursday and has been moving steadily higher since. TRNF hit the OTCBB like a bull and has been moving up steadily in a week that included a 1200-point drop on Thursday and the worst week for stocks since 2008.
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In May, Taronis acquired one of the largest independent specialty industrial gas distributors in the United States for $8 million. The TGS acquisition has an immediate, significantly positive financial impact on the Company’s overall financial outlook. TGS generated $8 million in revenues in 2019 and is experiencing rapid growth due to the increased work-from-home policies implemented during the COVID-19 pandemic. So far in 2020, TGS has achieved a record March, record April, and is on pace for record monthly sales results in May. This acquisition brings in approximately $300,000 in added monthly EBITDA, which is projected to grow throughout the remainder of 2020.
Taronis reported it continues to experience a steady increase in sales across its 26 retail locations operated under the MagneGas Welding Supply brand. The Company continued to win new clients in virtually all markets, which more than offset general softness in manufacturing and industry as a result of the COVID-19 economic impact.
Taronis CEO Scott Mahoney stated: “Our second quarter results of operations speak for themselves. In the second quarter, several positive developments all came together to produce these strong financial results. We are very proud of our entire team, which made this accomplishment possible. Heading into the second half of 2020, we see this strengthening trend in financial performance continuing. We are seeing solid results across all markets for our retail operations. Our wholesale gas distribution division is operating at maximum capacity and is clearly benefitting from the work-from-home conditions across the Sunbelt markets we serve. We believe our $2.8 million in industrial gas and welding supply sales reported for June is a strong indication of what we can sustain and build on consistently going forward, and we expect to fully leverage this success as we incorporate our newest location in Miami into our operations. We added six new markets to date in 2020, most of which occurred in the second quarter. These expansion efforts are only just beginning to translate into tangible results. We have a number of new markets slated for expansion in California, Arizona, Texas and Florida for the second half of 2020. This expansion is expected to accelerate our domestic growth outlook for the remainder of the year.”
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Currently suring upwards TRNF is an exciting story developing in small caps – the Company was spun off from a NASDAQ listed Company and has been making one big move after another including the recent acquisition of TGS which operates in the booming heating, ventilation, and air conditioning (“HVAC”) market. Taronis just reported record revenues of $8.9 million for the second quarter of 2020 up 51.8% from the same period last year representing the Companies first profitable quarter ever on $1.2 million net income. Taronis also sold a 300KW Venturi plasma arc gasification unit during the quarter for $3 million as well as reporting continued increase in sales across its 26 retail locations operated under the MagneGas Welding Supply brand. Microcapdaily first reported on Taronis shortly after it became an independent, public company back in December 2019. We will be updating on TRNF when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with TRNF.
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Disclosure: we hold no position in TRNF either long or short and we have not been compensated for this article.